Do you live in a subdivision? Do you belong to a Home Owners Association (HOA)? If you fall into either catagory, you need to be aware of pending legislation called the Kentucky Planned Community Act. Introduced during the 2015 session, this bill failed to move beyond the initial committee hearings but I am told that the legislation has 'legs' and will be back in 2016.
Why should this be of interest to you? This is a bill that will set minimum requirements for HOA activities. Patterned after the Kentucky Condo bill of 4 years ago, it mandates specific disclosures to prospective buyers and annual reporting requirements to the State. As I understand it, this bill will be advertised as liability reducing for the HOAs and a boon to new buyers. The back story is that this bill was crafted by a national company that provides services to HOAs who pay them a fee. Have to report where your HOA fees where spent in 2014? This company will file that report for your HOA, if you run your financial accounts through them and pay them your membership fee. Have to provide a copy of the Kentucky statutes that govern subdivision ownership to prospective buyers? They will do that for a fee.
That translates to increased costs to HOA members. If you are concerned about increasing costs of ownership and additional requirements of your HOA to the State, you should be watching the Kentucky Planned Community Act when it comes back to life in the next legislative session.